$70,000 Labor Force/Employment June 2007: U.S. Quarterly ...

Jun-07 Feb-08 Oct-08 Jun-09 Feb-10 Oct-10 Jun-11 Feb-12 Oct-12 Jun-13 Feb-14 Oct-14 Jun-15 Feb-16 Oct-16 Jun-17

May-07 Jan-08 Sep-08 May-09 Jan-10 Sep-10 May-11 Jan-12 Sep-12 May-13 Jan-14 Sep-14 May-15 Jan-16 Sep-16 May-17

Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17

Job Openings (000's) May-07 Jan-08 Sep-08 May-09 Jan-10 Sep-10 May-11 Jan-12 Sep-12 May-13 Jan-14 Sep-14 May-15 Jan-16 Sep-16 May-17

The Big Picture

U.S. Quarterly GDP

Real Growth in GDP vs. Year Ago 5%

4%

Q1: 2.1%*

3%

2%

1%

0%

-1%

-2%

-3%

-4% -5%

Time Period (Quarterly at Annualized Rate)

Source: U.S. Bureau of Economic Analysis *June release of Real GDP Percent Change from Q1 Year Ago, SA

U.S. Consumer Sentiment

University of Michigan Consumer Sentiment

120

110

100

90

80

70

60

Jun.

50

95.1

40

30

Source: University of Michigan

MSA GMP Per Capita

2015 Per Capita Real GMP (chained 2009 dollars)

$70,000 $60,000 $50,000

1.6%

up 2.0%

1.7% 1.6%

1.1%

1.6%

$40,000

0.9%

$30,000

Austin Boulder Colorado Denver Huntsville Salt Lake U.S.

Springs

City (Metro

Portion)

Note: Military data is included in both GMP and population. Real GMP is adjusted for regional price parity (RPP). Percentage change compares 2015 to 2014 Per Capita Real GMP. Source: U.S. Bureau of Economic Analysis

Labor Force/Employment

U.S. Non-Farm Job Openings

Total U.S. Monthly Non-Farm Job Openings SA

6,000

5,000

4,000

3,000 2,000 1,000

U.S. Civilian Participation Rate June 2007: 66.0% June 2017: 62.8%

0

Source: U.S. Bureau of Labor Statistics; Jobs data is through May 2017.

Unemployment Rate

Monthly Unemployment Rate - Not Seasonally Adjusted 12

10

Percentage

8

May 2017 6

4.1% U.S.

4

2.7% EPC

2.4% CO

2

0

Sources: U.S. Bureau of Labor Statistics; Data not seasonally adjusted; local data often lags one month.

Inflationary Measures

U.S. Consumer Price Index - June 2017

All items Less food & energy

Change from May 2017 (SA) 0.0%

0.1%

Last 12-months (NSA)

1.6%

1.7%

Source: U.S. Bureau of Labor Statistics; data for all urban consumers (CPI-U)

Local Labor Force/Employment

Colorado Springs MSA Job Openings

June 2017

Average daily job openings: 11,240 Average posting duration: 34 days Median salary of posted jobs: $69,975 Colorado median salary: $65,450

Top Job Titles Registered Nurse (1,150 jobs) Customer Service Rep (785 jobs) Software Engineer (785 jobs) Teller (657 jobs) Administrative Assistant (608 jobs) Systems Engineer (558 jobs) Systems Administrator (544 jobs) Network Engineer (514 jobs) Sales Rep (504 jobs) Medical Assistant (500 jobs)

May 2017

Demand for Labor Supply of Labor

13,038

9,063

Sources: Pikes Peak Workforce Center--CEB TalentNeuronTM; U.S. Bureau of Labor Statistics; UCCS Economic Forum

Colorado Springs MSA Labor Force

Monthly Demand and Supply of Labor

Number of People

35,000 30,000 25,000 20,000 15,000 10,000

5,000 -

May-06 May-07 May-08 May-09 May-10 May-11 May-12 May-13 May-14 May-15 May-16 May-17

updated (07/18/2017)

Monthly Demand for Labor Monthly Supply of Labor

Sources: Pikes Peak Workforce Center--CEB TalentNeuronTM; U.S. Bureau of Labor Statistics; UCCS Economic Forum

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Numberof Employees

Local Employment/Wages

El Paso County New Jobs

El Paso County Annual Job Changes

10,000

Number of New Jobs Gained or Lost

7,500 5,000

5,400 new jobs needed to match population growth

2,500

-

(2,500) (5,000)

(7,500)

(10,000)

(12,500)

2015 - 2016: 7,742 New Jobs

Source: Colorado Department of Labor and Employment, Quarterly Census of Employment and Wages (QCEW); UCCS Economic Forum

El Paso County Employment in Selected Sectors

Monthly Employees in Top 12 Sectors

42,500 40,000

Health & Social Assist

37,500

Retail Trade

35,000 32,500 30,000 27,500

Accom & Food Ed ucation Prof & Tech Svcs

25,000 22,500 20,000 17,500

Administration Construction Public Admin

15,000 12,500 10,000

7,500

Manufacturing

Finance & Insurance Other

5,000

Information

1/1/2015 4/1/2015 7/1/2015 10/1/2015 1/1/2016 4/1/2016 7/1/2016 10/1/2016

Actual New jobs in El Paso County 2015 to 2016: 7,742

******************************* Estimated New Jobs Needed (2015-2020)

5,400 (or 2% growth rate)

Estimated jobs needed based upon population growth and age composition; calculated by the UCCS Economic Forum.

Colorado Springs MSA GMP by Sector

2016 for All Industries

Colorado Average Weekly Wage

El Paso County Average

Weekly Wage

El Paso County Total Employment

$1,052

$908

264,447

*Estimated military employment in 2015 (and % of total EPC employees who are military).

55,300 (17.1%)

Note: QCEW data lags by up to two quarters and does not include military-related employees.

Sources: Colorado Department of Labor and Employment, QCEW. See military section for military employment sources.

Real GMP Contribution by Sector, Colorado Springs MSA, 2014

Finance, Insurance, Real estate, Rental & Leasing Federal military

Professional and Business services State & Local Government Manufacturing (2012) Retail trade

Health Care, Social Assistance & Education Information

Federal Civilian Government Construction

Accommodation & Food Services Other Services, Except Government

Wholesale Trade Transportation and Warehousing Arts, Entertainment & Recreation

Utilities Mining (2012) Agriculture, Forestry, Fishing, and Hunting

3.8% 3.5% 2.6% 2.5% 1.1% 0.9% 0.7% 0.7% 0.04%

8.0% 7.2% 6.9%

7.6% 5.9% 5.5%

15.0% 14.7% 14.1%

$0

$1,000

$2,000

$3,000

$4,000

$5,000

Millions of dollars (inflation-adjusted to 2009)

Source: U.S. Bureau of Economic Analysis; government data lags. Manufacturing and Mining data last disclosed in 2012.

Military

El Paso County Employment

70,000

Military Employment**

60,000

Number Employed

50,000

40,000

30,000

20,000

10,000

-

USAFA

Schriever

Fort Carson

Peterson

Expenditures in El Paso County

$ Millions

$7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000

$-

Military Economic Impact

USAFA Schriever Fort Carson Peterson *2013 and 2015 data was not available for all locations. Textured bars are an estimate in 2013 made by the UCCS Economic Forum and duplicated data in 2015 for USAFA (from the previous year). **The employment numbers for Schriever and Peterson include significant numbers of civilian contractors. The employment numbers for USAFA include cadets and several kinds of contract workers. Sources: Department of Military and Veteran Affairs; Colorado Springs Chamber of Commerce & EDC; respective military installations

Demographics

2015 Population

Colorado El Paso Colorado Springs

Springs (city) County

MSA

456,568

674,471

697,856

Colorado Springs MSA is made up of El Paso and Teller Counties. Source: U.S. Census Bureau, Population Division

El Paso County & U.S. Age Groups

2015 Population by Age Group

30%

2015 Median Age

25%

EPC: 33.8

U.S.: 37.8

20%

15%

10%

5%

0% Ages Ages Ages Ages Ages 0-17 18-24 25-39 40-54 55-64 El Paso County United States

Source: U.S. Census Bureau, American Community Survey

Ages 65+

El Paso County--Population Projections

Number of People

Annual Population by Age Group

225,000

205,000

185,000 165,000 145,000 125,000 105,000

0 to 17 18 to 24 25 to 29 30 to 49

85,000

50 to 64

65,000 45,000

65 to 100

25,000

2006 2008 2010 2012 2014 2016 2018 2020 2022 2024

Source: Colorado Department of Local Affairs, State Demography Office

Population Growth

The State Demography Office projects a population increase of 400,621 additional people between 2015-50. Source: Colorado Department of Local Affairs, State Demography Office

Population Estimates

2015

2050

El Paso County

674,500 1,070,000

Colorado

5,443,000 8,686,000

Source: Colorado Department of Local Affairs, State Demography Office

Cost of Living

2015 Median Wealth & Housing Affordability

$100,000

300

$90,000

240

250

$80,000 $70,000 $60,000

165

164

115

127

$50,000

176

200

158

150

71 100

50

$40,000

0

MSA Weighted Wealth

Housing Affordability Index

Higher Housing Affordability Indices mean greater affordability. In 2015, U.S. median wealth was $49,787 and the U.S. average affordability composite index was 166. Sources: Synergos Technologies and U.S. Census Bureau; Credit Suisse and the National Association of REALTORS?

Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17

Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17

Real Estate

Monthly Home Sales

Number of Homes

2,000 1,800 1,600 1,400 1,200 1,000

800 600 400 200

-

Pikes Peak Region Home Sales

Median Home Price 2017 Q1

Location

Colorado Springs

Denver

Boise

United States

Price $266,100 $396,100 $207,700 $232,100

1-year

11.0%

7.3%

9.3%

6.9%

% Change increase increase increase increase

MSA Rank 28

12

65

n/a

Sources: Pikes Peak REALTOR? Services Corp.; National Association of REALTORS?

Monthly Building Permits

Dwelling Units

Pikes Peak Region Residential Building Permits

800 700 600 500 400 300 200 100

0

Total Single Family Dwellings Total Multi-Family Dwellings Source: Pikes Peak Regional Building Department

May-14 Jul-14 Sep-14

Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17

May-14 Jul-14 Sep-14

Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17

Tourism

Hotel Occupancy Rate

Colorado Springs: 12 Month Moving Average

75%

70%

65% 59.4% 60%

70.2%

55%

50%

Hotel Occupancy Rate

May 2017

Colorado Springs Denver Colorado

75.6%

82.2% 72.0%

Source: Colorado Hotel & Lodging Assoc., Rocky Mountain Lodging Report

Hotel RevPAR

Colorado Springs RevPAR

$140

29% increase from

$120 May 2014 to May 2017

$100

$80

$60

$40

$20

$0

Hotel RevPAR

May 2017

Colorado Springs Denver Colorado

$89.68

$120.16 $101.29

Source: Colorado Hotel & Lodging Assoc., Rocky Mountain Lodging Report

Additional Metrics

Colorado Springs Commercial Real Estate

Colorado Springs Quarterly Vacancy Rates

13%

2017 Q2 Rents

12%

Office

11%

$15.53 per sq. ft.

10%

Medical Office

9%

$17.48 per sq. ft.

8%

7%

6% 2015 2015 2015 2016 2016 2016 2016 2017 2017 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Sources: CoStar GroupTM; Olive Real Estate Group, Inc.

Industrial

$6.66 per sq. ft.

Shopping Center

$12.45 per sq. ft.

Monthly New Vehicle Registrations

El Paso County New Vehicle Registrations

3,500

(without luxury utility)

3,000

2,500

2,000

1,500

1,000

Latest 6-month average in 2017 compared

500

to 2016 for luxury utility: up 12.7%

0

Number of Vehicles Jun-12 Oct-12 Feb-13 Jun-13 Oct-13 Feb-14 Jun-14 Oct-14 Feb-15 Jun-15 Oct-15 Feb-16 Jun-16 Oct-16 Feb-17 Jun-17

Luxury utility categories are not included in graph line above, but % change in this category is noted in the text box. Source: El Paso county Clerk and Recorder

Monthly Sales & Use Tax Collection

$ Millions Collected

Colorado Springs 2% Sales & Use Tax Collection

18

16

14

12

10

8

6

Change from June 2016:

4

up 10.4%

2

0

Educational Attainment

Some College or Associate Degree in 2015 50% 47.2%

45.8%

45%

Colorado

Springs (city)

40% Colorado

34.5%

35%

28.9%

United States

30%

25% Ages 18-24

Ages 25+

Bachelor's Degree or Higher in 2015

40%

38.3%

35%

30.6% Colorado

30%

Springs (city)

25% Colorado

20%

15% 10.7% 10.3%

10%

United States

5%

0% Ages 18-24

Ages 25+

Source: U.S. Census Bureau, American Community Survey

U.S. Interest Rates

Percentage

9.0

Monthly Interest Rates

Jun. 2017

8.0

30 Yr

7.0

MR

6.0

3.90

5.0

Prime

4.0

4.13

3.0

2.0

Fed

1.0

Funds

0.0

1.04

Jun-04 Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17

Jun-12 Oct-12 Feb-13 Jun-13 Oct-13 Feb-14 Jun-14 Oct-14 Feb-15 Jun-15 Oct-15 Feb-16 Jun-16 Oct-16 Feb-17 Jun-17

Source: City of Colorado Springs

Source: Board of Governors of the U.S. Federal Reserve System

2017 ? UCCS Economic Forum. All Rights Reserved. For permission to reproduce or forward this document, contact Tatiana Bailey at tbailey6@uccs.edu or Rebecca Wilder at rwilder2@uccs.edu. All information provided by the UCCS Economic Forum is made possible by the support of local businesses. For past quarterly updates and Forum booklets,

please go to our website: .

Thank you to all the UCCS Economic Forum sponsors!

Platinum Level Sponsors: Gold Level Sponsors:

Silver Level:

The Antlers Hotel Apogee Valuation Services BiggsKofford Certified Public Accountants Catalyst Campus/The O'Neil Group Company, LLC City of Colorado Springs Colorado Springs Chamber of Commerce and EDC Ent Credit Union HUB International Insurance Services Northstar Bank Colorado Nor'wood Nunn Construction Pikes Peak Association of REALTORS? Pikes Peak Community College Pikes Peak Hospice & Palliative Care Pikes Peak Small Business Development Center Pikes Peak Workforce Center Rocky Mountain Health Care Services Transit Mix Concrete Company T. Rowe Price Vectra Bank

Media Sponsors:

Colorado Springs Business Journal The Gazette

Sustaining and Supporting Level:

Adams Bank and Trust ADD STAFF, Inc. Aventa Credit Union CAMA South Channelvation Children's Hospital Colorado City of Fountain Classic Companies The Colomina Life Company Colorado Business Bank Colorado Springs Convention & Visitors Bureau Colorado Springs Health Partners Downtown Partnership of Colorado Springs dpiX, LLC The Eastern Colorado Bank Financial Planning Association of Southern Colorado FirstBank GH Phipps Construction Companies Integrity Bank and Trust IREM Southern Colorado Chapter 53 Legacy Bank Olive Real Estate Group, Inc. The Patterson Group Peoples Bank Qualtek Manufacturing RTA Architects Salzman Real Estate Services, Ltd. Security Service Federal Credit Union Strasbaugh Financial Advisory, Inc. TMR Direct Unified Title Company University of Colorado Executive Programs U.S. Bank

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